Cannabis + the metaverse = strategic advantage
The metaverse is the latest big idea in big tech. Consumer brands and investment is pouring in, tools & methodologies are being developed and powerful use cases are emerging. Though not lacking in hype, the metaverse is a natural extension of what many cannabis users and firms are already doing - and where they will be going. Forward-looking cannabis firms should take note.
Metaverse: a simple explanation
The metaverse is not a thing but rather an evolving infrastructure of technologies, protocols, hardware and experiences. I like to call it the next iteration of the internet, where the web becomes something we are immersed in, rather than something we just watch. A proto-metaverse already exists. It’s called the gaming industry, a $200B global sector with 3 billion players around the world.
Big business, coming soon
According to McKinsey, the value of the metaverse ecosystem could be worth $5T by 2030. To date, over $120B of capital has been invested in the space, double the 2021 numbers. Many well-known consumer, retail and entertainment brands are already engaging with the metaverse. These include Nike, Epic Games, Coca-Cola, Gucci, Hyundai, Wendy’s and Disney.
A unique world
The metaverse incorporates but also goes beyond existing building blocks like virtual reality/virtual worlds, 5G functionality, AI, mobile computing and social engagement. The metaverse has 3 powerful and unique features: an immersive environment that merges the physical and virtual worlds; full user control & privacy and; real-time interactivity. Coming soon are a myriad of applications, simultaneous engagement of millions of users and interoperability across different platforms and devices.
A cannabis symbiosis
The metaverse pairs well with cannabis. Metaverse participants (including gamers) are regular, often heavy cannabis users. Moreover, the cannabis community shares psychographic affinities with early metaverse corporate movers in music, retail, sports, and travel.
Cannabis firms can leverage the metaverse in many ways, including brand-building (e.g., foster community, deliver value added experiences), commerce (e.g., launch immersive retail, support crypto payments, offer digital goods), and educating users (e.g., reimagine medical consultations). Furthermore, the metaverse can also improve key enterprise activities such as running events, fostering collaboration, delivering remote learning and providing customer support.
Moving forward
Bold cannabis companies can secure first mover advantage in the metaverse, capturing user mind share and outflanking competitors in an emerging channel (regulations permitting). Early movers will also get a head start on generating IT and organizational learnings. Prudent firms will begin with a business strategy-aligned pilot, then refine based on learnings followed by enterprise build out.
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